VOL. XXXVI

NO. 34

24-MAY-1993

Financial and Banking News

ECONOMIC INDICATORS

Yemen Introduces Another Exchange Rate For The Riyal

Yemen is to allow foreign oil companies and tourists to buy local currency atthe preferential rate of $1=YR25, compared to the official rate of $1=YR12. Theunofficial rate is close to $1=YR50. In February 1992 Yemen introduced a newexchange rate of $1=YR18 for all imported commodities with the exception ofbasic goods such as wheat, flour, rice and pharmaceuticals (MEES,...